LBChain is the world’s first-of-its kind blockchain sandbox developed by a financial market regulator. It combines regulatory and technological infrastructures as well as allowing market participants to test their business solutions in a controlled environment. The platform is aimed at serving the key needs of fintechs and start-ups and provides them with the possibility to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services as well as offer advanced innovations to their clients.
Usually, fintechs and startups have bold and innovative ideas; however, they lack general knowledge and experience when it comes to the financial ecosystem, legal issues and regulation. They also generally do not have the opportunity to test their products in a safe and innovation-conducive environment. LBChain offers both: consultations on regulation as well as technical and technological assistance.
The platform is based on both Hyperledger Fabric and Corda, and was developed by IBM Polska Sp. z.o.o and TietoEVRY.
LBChain has proved to have enormous potential. One of the most important features of this blockchain-based platform is its inclusiveness. Even in the development stages, the platform was used by 11 fintechs from 8 countries that tested more than 10 totally different financial products and services. Most of the testing was carried out remotely. Tested by financial market participants, the platform may also be applied in such fields as energy or healthcare.
The development of LBChain took two years and was divided into three stages. The first stage focused on developer selection and concept creation. During the second stage, the Bank of Lithuania set up and tested the platform prototype, while the third phase was dedicated to its final testing and development.
At the end of May 2020, the Bank of Lithuania completed the research phase of the LBChain project and the next step will be to move to the production environment, i.e. to make the solution available to consumers.
The LBChain platform is currently being developed by service providers selected through a pre-commercial procurement.
- LBChain: Reaching the finish line and what’s next? (Vilnius, 26 May 2020)?
- LBChain progress: midway to success (Vilnius, 9 September 2019)
|Award. LBChain has won the national round of „World Summit Awards“ (WSA) in the category Government and citizen engagement.|